Elastic Line of Credit
in Personal Lines of Credit from Elevate CreditUnaffiliated
Elastic Line of CreditUnaffiliated
in Personal Lines of Credit from Elevate Credit
Mostly not recommended
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Where does Elastic Line of Credit do business?
Elastic Line of Credit is a line of credit offered by Republic Bank & Trust Company. Elastic Line of Credit is offered in 39 states (and Washington, DC).
What are the APRs offered via Elastic Line of Credit?
This is a fee-based loan. This means borrowers pay a percentage of the loan balance as a fixed-fee instead of an ongoing APR. Elastic Line of Credit offers business loans with a finance charge .
What is the APR equivalent?The equivalent APR will vary depending on the terms. SuperMoney ran the numbers and a typical APR for this product starts at 137%.
Does Elastic Line of Credit charge an origination fee?
No, Elastic Line of Credit does not charge an origination fee.
An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Elastic Line of Credit charge a cash advance fee?Yes, Elastic Line of Credit charges a fee of 5% to 10% of the amount of each cash advance.
Does Elastic Line of Credit charge a late fee?
No, Elastic Line of Credit will not charge you a late fee.
Does Elastic Line of Credit charge prepayment fees?
No, Elastic Line of Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit off and close the account.
How much can you borrow via Elastic Line of Credit?
Upon approval and based on your credit worthiness, your Elastic Line of Credit personal line of credit will be assigned a credit line of at least $500 and as much as $4,500.
What do you need to qualify for a line of credit with Elastic Line of Credit?Elastic Line of Credit doesn’t disclose its credit score minimum. The minimum age to apply for a line of credit is 18 or the state minimum, whichever is higher. Elastic Line of Credit only considers borrowers who are employed, or have a regular source of income or benefits. Active duty servicemembers and their covered dependents are not considered covered borrowers under the Military Lending Act (32 C.F.R. § 232). This means they cannot apply for a line of credit via Elastic Line of Credit. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR. Only U.S. citizens and permanent residents can apply for a line of credit.
To qualify, applicants may need to provide the following documentation:
What is the estimated funding time for a personal line of credit via Elastic Line of Credit?
Elastic Line of Credit will typically provide a credit approval decision in less than an hour and fund the line of credit within 1 business day.
Does Elastic Line of Credit report your account activity to credit bureaus?
Elastic Line of Credit reports your account activity to the following credit reporting agencies:
Making regular and on-time payments on a credit card that reports your account activity to credit bureaus will demonstrate that you consistently manage debt well and can help increase your credit scores.
How to apply for Elastic Line of Credit
- Visit the Elevate Credit .
- Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
- Check the information is accurate and submit your application.
- Washington, DC
- New Mexico
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|No Origination Fee|
|No Prepayment Fee|
|No Late Fees|
|Cash Advance Fee (%)||5% - 10%|
|Carried Balance Fee||$5 - $175|
|Immigration Status Considered||
|Bank Account Required|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$500 - $4.5K|
|APR (Fee-Based Product)||Starting at 137%|